In the ever-churning world of finance, staying ahead of the curve isn’t just a suggestion, it’s a matter of survival. UTI Asset Management Company (UTI AMC) understood this truth all too well. Succession planning, often viewed as a bureaucratic afterthought, became the cornerstone of their ambitious strategy. This wasn’t about patching holes; it was about cultivating a leadership pipeline that could not only weather the storms of today but also seize the opportunities of tomorrow.
A year ago, a quiet revolution began within the walls of UTI AMC. The traditional, one-size-fits-all approach to leadership development was swept aside, replaced by a meticulously crafted plan as unique as the individuals it aimed to empower. Each chief strategy officer (CSO) participated in a development centre that included Psychometric tests, in-depth interviews, and cultural workshops painted a detailed picture, forming the foundation for personalised development plans.
These plans weren’t static documents gathering dust on a shelf. They were living, breathing roadmaps categorised into three distinct areas: behavioural skills, domain expertise, and regulatory compliance. Classrooms and online modules became battlegrounds for honing leadership instincts, while a newly implemented Learning Management System (LMS) emerged as a treasure trove of specialised programmes and certifications. The LMS, with its far-reaching partnerships, broadened the training landscape, ensuring no skill remained unsharpened.
Success, as they say, breeds success. The results were undeniable. Team dynamics improved, performance metrics soared, and employee retention, consistently exceeding 20 per cent in the past two years, dipped only slightly to 18 per cent last year. “A seemingly small change,” said Indranil Choudhury, group head-HR, UTI AMC, “but significant in the context of training interventions.”
“We’ve even implemented a successful grant programme to support these initiatives. These workshops and programmes guarantee that our fund managers are not only well-versed in the latest technology but also fluent in the language of data, ultimately leading to better fund management and, more importantly, improved customer interactions.”
Indranil Choudhury, group head-HR, UTI AMC
But UTI AMC didn’t stop there. Recognising the unique challenges faced by fund managers, they took a more granular approach. Equity, bio-sector, fixed-income – each category received specialised training programmes tailored to their specific needs. Even research analysts weren’t left behind, benefiting from focused instruction that honed their expertise.
Fund managers, however, weren’t siloed away. They participated in core leadership training alongside other senior executives. But their curriculum went a step further, enriched with modules that delved into the complexities of market dynamics, the ever-present force of digital transformation, and the power of advanced analytics. UTI AMC partnered with prestigious institutions such as the Union Institute in Pune, bringing cutting-edge training on artificial intelligence, machine learning, and data analytics right to their doorstep. This wasn’t just theoretical knowledge; it was equipping fund managers with the tools to leverage technology and data to make informed investment decisions.
Technology and data weren’t mere buzzwords in this training revolution. The curriculum delved into the nitty-gritty – data cleansing and standardisation, customer segmentation powered by analytics, KPI modelling for fund usage, and AI/ML/community analytics to improve job performance. Collaborative workshops brought together individuals from diverse functions, tackling real-world problems and fostering a culture of innovation. “We’ve even implemented a successful grant programme to support these initiatives,” Choudhury revealed. “These workshops and programmes guarantee that our fund managers are not only well-versed in the latest technology but also fluent in the language of data, ultimately leading to better fund management and, more importantly, improved customer interactions.”
The story doesn’t end with the training itself. UTI AMC champions continuous improvement. Feedback, gathered directly from participants and by measuring the impact of the training, is the lifeblood of their ongoing evolution. Domain-specific programmes evaluated knowledge acquisition, ensuring those who needed additional support received it. For AI programmes, focus groups and one-on-one discussions gauged the impact on participant efficiency. Individual development plans were then created and monitored, ensuring progress wasn’t a one-time event but a continuous journey.
Mentorship and coaching played a vital role as well. “We currently have 25 leaders enrolled in coaching programmes,” said Choudhury, highlighting the emphasis on individual growth and its connection to overall team performance.
The future, Choudhury acknowledges, is a vast uncharted territory. There’s always more to learn, more skills to master. But overwhelming participants isn’t the answer. “They need time to learn, absorb, and see results before charting the next course of action,” he emphasised.
UTI AMC’s leadership development programme stands as a testament to a forward-thinking approach. By integrating technology, embracing continuous improvement, and offering robust support, they’re not just building leaders; they’re building a future where UTI AMC is not just prepared for what’s to come, but positioned to lead the way.
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Thought provoking essay, with punched quites, to remember and follow ever to move forward.